The comment section has gone into flatline mode so I must assume that many of you guys are enjoying an extended weekend. Well, the market waits for no man (or woman) – since it’s only the hardcore crew I’ll be brief but I will make it count as we have nice setups today:
So I told you guys to short near 2010 and judging by the thundering silence none of you rats did. A bit frustrating, but not for yours truly as I pocketed some green on the way down. I can tell you where the good spots are but if you guys don’t pull the trigger – well, refer to my comment in the intro.
Now what does this chart above tell us? Quite a bit of short term price volatility there – it’s been going on for a week now. Where does this sort of thing (sideways/volatile) usually happen? That’s right – before big moves. Again, direction is unclear but the more time we spend here the greater the chance we’ll actually get a good entry. FYI – I have no directional bias.
Before we get to the setups. The Zero indicator did a bang job again today – very nice divergence near the lows – just like yesterday. If you are a sub and didn’t play those then please proceed directly to the tutorial page for a refresher.
Seems like that speculative gold entry yesterday (sorry – subs only) may just have a leg to stand on. I also like the proximity of the 25-week Bollinger (a touch would have been better). Best we can do right now is to leave our stop below 1260 and forget about it for a few days.
While we’re in the precious metals aisle – I’m long platinum on a breach of that hammer. I think Scott would actually like this one, hammers and shooting stars are his new thing (with a few additional rules thrown into the mix). Anyway stop below today’s lows – or you can put it below the 100day BB nearby.
Sugar is looking sweet again – may just be able to muster up the mojo for a bounce. Long here with a stop just a few ticks below (i.e. < 15.5). A bit speculative – you may reduce R size to 0.5.
AUD/USD – nice reversal – I want to be long above the NLBL on the daily. FWIW – beautiful BB compression on the weekly. I think we may just see some movement here into fall.
USD/CAD back near the 100-day SMA – it’s now or never. If it fails it then we’re pretty going to see a more complex correction – the easy path is to bounce here and take off. Decent probability and I’m in with 1R – stop a respectable distance below the 100-day as shown on the chart.
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Enjoy a re-run of today’s E-Mini session exhibiting participation as measured by our Zero indicator. On the left side is the hourly panel and the Zero Lite runs on the right via the 5-min panel. Swing traders and scalpers are encouraged to watch the 5-min panel for early clues – in particular price/signal divergences and lack of participation as expressed by a flat signal. If you like what you see then may want to watch some earlier ones – you will find plenty of examples of what to look out for and how to avoid common traps when trading the E-Mini. Plus you may enjoy the tunes
It’s been a long day but I wanted to put one more wrap up video together for you guys as it has been a good scalping session. I think the signals were pretty valuable today.
The future is now – so don’t bring a knife to a raygun fight. If you are interested in becoming a Zero subscriber then don’t waste time and sign up here. A Zero subscription comes with full access to all Gold posts, so you actually get double the bang for your buck.
Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.
After a three week melt-up the bears are feeling pretty crappy right now – there’s very little desire to short this rally and in combination with yesterday’s doji we may be due for a small correction. Far from predicting one however I would look at the hourly panel for early clues. We have lost the 25-hour and that suggests at least some weakness as it has been leading the tape higher now for weeks. It is very much possible that we get a revisit of the 100-hour sometime today or tomorrow – this is where we either see a bounce or a drop toward a daily support level. For now I would stay out but I am watching with interest. If you are still long then simply advance your stop and hold – no reason to cut and run just yet.
On the setup side it’s pretty thin out there right now – the one chart I found I’ll have to keep for my subs. However if you’re in a GDP related pair then watch out around 10:00am EDT:
Please step into my lair:
More charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don't waste time and sign up here. And if you are a Zero subscriber you get free access to all Gold posts, which gives you double the bang for your buck!
Finally enjoy a re-run of yesterday E-Mini session exhibiting participation as measured by our Zero indicator. On the left side is the hourly panel and the Zero Lite runs on the right via the 5-min panel. Swing traders and scalpers are encouraged to watch the 5-min panel for early clues – in particular price/signal divergences and lack of participation as expressed by a flat signal. If you like what you see then may want to watch some earlier ones – you will find plenty of examples of what to look out for and how to avoid common traps when trading the E-Mini. Plus you may enjoy the tunes
A few very valuable signals on the ZL yesterday – in particular the blue reversal signal at the top was golden. I am often skeptical when I see them in a strong trend but if you see the signal weaken then it’s time to follow any of your own short signals. Also note how the signal went completely flat toward the end which suggested buying exhaustion as supported by the doji on our daily chart. So I would pay close attention to the Zero Lite this morning at the open as it may provide clues as to whether paint a correction here or if we continue higher after a brief visit of the 100-hour SMA.
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